The decision reshaped the landscape for Ripple and the broader cryptocurrency sector. This landmark anniversary was reflected upon by Ripple’s chief legal officer, Stuart Alderoty, who shared his insights on the ruling’s impact and broader implications for the industry.
He emphasized the significance of the ruling, stating that it was a watershed moment to find that XRP, in and of itself, is not a security. Alderoty also cited recent developments with Binance as further evidence of the SEC’s overreach, and expressed frustration with the slow legislative progress in the U.S.
He highlighted the risk of falling behind in the global crypto innovation race. Ripple’s CEO, Brad Garlinghouse, reaffirmed the company’s commitment to defending the industry against what he described as the SEC’s unjust actions.
He criticized the SEC’s aggressive stance against crypto and emphasized Ripple’s belief in being on the right side of the law and history. Garlinghouse expressed the company’s conviction to fight against what he described as harassment and an unlawful war on the industry.
The SEC had accused Ripple of conducting an unregistered securities offering through the sale of XRP on Dec. 20, 2022. The court is currently in the “remedies phase” of the case, where potential penalties or injunctions against the crypto payments company will be determined.
The anniversary of the ruling could act as a catalyst for several developments, including renewed investor interest, increased pressure for a settlement, and new clues from the court, potentially driving the case toward a resolution. XRP’s price has experienced some positive movement, gaining 19% over the past week and an 8.9% uptick over the last fortnight.
The current price of XRP stands at $0.5211, as per data from CoinGecko.